- TGS reports net revenues of $64M, compared to $172M in Q1 2015.
- Operating profit for the quarter was -$21M compared to $37M in Q1 2015, reflecting the new amortization policy for seismic surveys (effective from 1 January 2016) which is based on straight-line amortization rather than linked directly to revenues.
- Strong cash collection and lower investments resulted in positive free cash flow of $63M driving an increased cash balance of $210M.
- Continued weak market conditions lead to substantial drop in revenues and profitability.
- "Challenging market outlook – cautious spending by oil companies implies that market for seismic data is likely to remain weak in 2016."
- Financial guidance for 2016 remains unchanged.
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